GeoSmart advises UK financial market on flood risk
Leading environmental consultancy, GeoSmart Information has advised the UK’s financial market to make its clients aware of flood risks amid growing concern about climate change-driven flooding this winter.
Phillip Martin, risk director of GeoSmart Information, urged financial sector professionals to ensure homeowners understand the risks and how to manage them in an exclusive article for UK Finance.
Securing buildings insurance with a reputable insurer, enlightening clients to the four key risks associated with flood and connecting homeowners to flood risk data providers were among the recommended actions for sector professionals to take.
The piece is the first in a series of articles by Phillip, each of which will advise the market on flood-related topics.
This first installation follows a government warning to communities across the UK to ignore the threat of winter flooding at their peril.
A report released by the National Infrastructure Commission last week revealed up to 135,000 properties could be located in areas with a high risk of surface water flooding by 2055 – adding to the 325,000 properties already in such locations – if investments into climate change adaptation were not made.
Last year, GeoSmart Information launched FloodSmart Analytics, a risk data model which can accurately analyse flood risk at a single property level.
The product enables financial sector professionals to understand flood depth, probabilities and the costs of flooding from four different sources to better inform their clients’ risk management decisions.
Phillip Martin said: “Adaptation to climate change is vital to thousands of UK homeowners. To adequately advise and support their clients with flood risk, financial sector professionals need to access the most accurate information possible which accounts for mercurial weather patterns.
“Flooding is only going to get worse. Acting now by arming yourself and clients with leading data and knowledge is the best way to help them make optimal lending or insurance choices.”
Phillip’s article can be read on the UK Finance website.